Buying a home itself or selling a home itself is extremely stressful, but doing it at the same time may seem almost impossible. However, it's actually something that happens all the time and with the right help and the use of some helpful tips, you can make it simple. Here are three tips to consider when buying and selling a home at the same time:
Understand the Market:
First off, you want to figure out if the time you are selling and buying is a time for buyers or sellers. In other words, is it a buyer's market or a seller's market? When you figure this out, you know which role as a seller and a buyer you can take advantage of the most. If it's a seller's market, for example, then you know you can maximize the amount you can get for the home you are selling while you are going to have to find a home to buy that is affordable since making negotiations on the home may be more challenging.
Organize Closing Dates Accordingly:
When it comes to closing on your new home and your old home, you want it to be done at the right times. The best thing to do is to close on the new home first and then on your old home. This way, you know for sure that you can leave your old home and immediately move into your new home without something falling through. Work with your real estate agent to ensure that this is something they can help you manage.
Ask for a Contingency:
To ensure that you are better protected, you may want to ask for a contingency from both the buyer of your old home and the seller of your new home. This contingency will say that your old home can be sold on the contingency that your new home sale goes through while also saying that the buyer of your new home will hold and close on the home once your old home is closed. This isn't always a guaranteed thing and it depends on which area you need it since you won't likely need to ask for a contingency from both the buyer and the seller, but having one where you need it always helps.
When you consider these three tips, you can be sure that you do what you can to make the process of buying and selling a bit easier while also protecting yourself financially. For more information on real estate listings in your area, contact your local real estate team!